Pay Off More On Credit Cards Warns CCCS
It’s not rocket science but the experts at the UK based Consumer Credit Counselling Service (CCCS) have suggested that credit card holders should pay off more than their minimum payment on balances.
More often than not the minimum payment will leave the debt virtually untouched paying off predominantly interest. It’s common stuff but how many of us do it?
According to Card Guide
“Despite being charged extortionate levels of interest an alarming number of consumers in the UK make only the minimum repayment on their credit cards each month, making a minimal impact on their balance, leaving themselves in debt for long periods, and resulting in hefty interest charges.”
A spokesperson for the CCCS stated: “The main thing about people who have either store cards or credit cards is not just to pay the minimum amount back every month. That’s the main thing that leads people into debt.”
An interesting thought is that it’s extimated to take twenty years to pay off a £2000 balance if only repaying the minimum amount.
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